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Notes payable and other borrowings | 9 Months Ended
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Sep. 30, 2025
Debt Disclosure [Abstract] |
Notes payable and other borrowings | Note 16. Notes payable and other borrowings Notes payable and other borrowings of our insurance and other businesses are summarized below (dollars in millions). The weighted average interest rates and maturity date ranges are based on borrowings as of September 30, 2025.
|  | Weighted Average Interest Rate |  |  | September 30, 2025 |  |  | December 31, 2024 |
Insurance and other: |  |  |  |  |  |  |  |  |
Berkshire Hathaway Inc. (“Berkshire”): |  |  |  |  |  |  |  |  |
U.S. Dollar denominated due 2026-2047 |  |  | 3.5 | % |  | $ | 3,547 |  |  | $ | 3,749 |
Euro denominated due 2027-2041 |  |  | 1.4 | % |  |  | 4,196 |  |  |  | 4,733 |
Japanese Yen denominated due 2025-2060 |  |  | 1.1 | % |  |  | 14,757 |  |  |  | 12,609 |
Berkshire Hathaway Finance Corporation (“BHFC”): |  |  |  |  |  |  |  |  |
U.S. Dollar denominated due 2027-2052 |  |  | 3.6 | % |  |  | 14,473 |  |  |  | 14,469 |
Great Britain Pound denominated due 2039-2059 |  |  | 2.5 | % |  |  | 2,318 |  |  |  | 2,156 |
Euro denominated due 2030-2034 |  |  | 1.8 | % |  |  | 1,462 |  |  |  | 1,290 |
Other subsidiary borrowings due 2025-2051 |  |  | 5.1 | % |  |  | 3,544 |  |  |  | 4,564 |
Short-term subsidiary borrowings |  |  | 6.1 | % |  |  | 1,320 |  |  |  | 1,315 |
|  |  |  |  | $ | 45,617 |  |  | $ | 44,885 |
Berkshire borrowings consist of senior unsecured debt. Berkshire repaid approximately $1.6 billion of maturing debt in the first nine months of 2025. In April 2025, Berkshire issued ¥90 billion ($632 million) of senior notes with maturity dates ranging from 2028 to 2055 and a weighted average interest rate of 1.6%. In July 2025, Berkshire issued ¥151.5 billion ($1.0 billion) of senior notes with maturity dates ranging from 2030 to 2040 and a weighted average interest rate of 2.3%. Borrowings of BHFC, a wholly-owned finance subsidiary of Berkshire, consist of senior unsecured notes used to fund manufactured home loans originated or acquired and equipment held for lease of certain subsidiaries. BHFC borrowings are fully and unconditionally guaranteed by Berkshire. Berkshire also guarantees certain debt of other subsidiaries, aggregating approximately $1.7 billion at September 30, 2025. Generally, Berkshire’s guarantee of a subsidiary’s debt obligation is an absolute, unconditional and irrevocable guarantee for the full and prompt payment when due of all payment obligations. The carrying values of Berkshire and BHFC non-U.S. Dollar denominated senior not es (€4.85 billion, £1.75 billion and ¥2,188 billion par at September 30, 2025) reflect the applicable exchange rates as of each balance sheet date. The effects of changes in foreign currency exchange rates during the period on these borrowings are recorded in earnings as a component of selling, general and administrative expenses. Changes in the exchange rates produced pre-tax gains of $433 million in the third quarter and pre-tax losses of $1.7 billion in the first nine months of 2025 as compared to pre-tax losses of $1.5 billion in the third quarter and $136 million in the first nine months of 2024. Notes payable and other borrowings of our railroad, utilities and energy businesses are summarized below (dollars in millions). The weighted average interest rates and maturity date ranges are based on borrowings as of September 30, 2025.
|  | Weighted Average Interest Rate |  |  | September 30, 2025 |  |  | December 31, 2024 |
Railroad, utilities and energy: |  |  |  |  |  |  |  |  |
Berkshire Hathaway Energy Company (“BHE”) and subsidiaries: |  |  |  |  |  |  |  |  |
BHE senior unsecured debt due 2028-2053 |  |  | 4.4 | % |  | $ | 11,460 |  |  | $ | 13,107 |
Subsidiary and other debt due 2025-2064 |  |  | 4.8 | % |  |  | 44,943 |  |  |  | 42,150 |
Short-term borrowings |  |  | 4.7 | % |  |  | 1,719 |  |  |  | 1,123 |
Burlington Northern Santa Fe (“BNSF”) and subsidiaries due 2025-2097 |  |  | 4.8 | % |  |  | 23,504 |  |  |  | 23,497 |
|  |  |  |  | $ | 81,626 |  |  | $ | 79,877 |
Notes to Consolidated Financial Statements Note 16. Notes payable and other borrowings BHE subsidiary debt represents amounts issued pursuant to separate financing agreements. Substantially all of the assets of certain BHE subsidiaries are, or may be, pledged or encumbered to support or otherwise secure such debt. These borrowing arrangements generally contain various covenants, including those which pertain to leverage ratios, interest coverage ratios and/or debt service coverage ratios. BNSF’s borrowings are primarily senior unsecured debentures. As of September 30, 2025, BHE, BNSF and their subsidiaries were in compliance with all applicable debt covenants. Berkshire does not guarantee any debt, borrowings or lines of credit of BHE, BNSF or their subsidiaries. In the first nine months of 2025, BHE subsidiaries is sued $3.1 billion of term debt, with a weighted average interest rate of 6.4% and maturity dates ranging from 2035 to 2055, and BHE and its subsidiaries repaid term debt of $2.4 billion and increased short-term borrowings by approximately $600 million. In the fir st nine months of 2025, BNSF repaid approximately $900 million of term debt and in June 2025, issued $900 million of 5.8% debentures due in 2056. Unused and available lines of credit and commercial paper capacity to support operations and provide additional liquidity for our subsidiaries were approximately $10.9 billion at September 30, 2025, of which approximately $9.9 billion related to BHE and its subsidiaries.

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